The management buyout for the TBF Thompson Garvagh Group completed in May 2016. Andrew Magowan and Raymond Crilly acquired the Group from Farrans in 1999. The transaction comes about on Mr Magowan’s retirement after 17 years as Managing Director and ensures the continuity of the Group, with Raymond Crilly as Managing Director, Alan Espie as Director, having particular responsibility for truck sales and servicing and Seamus Doherty as Director, with particular responsibility for plant sales and servicing.
The buyout involved changes to the Group’s structure, agreeing the terms of the purchase of Mr Magowan’s shares and the equity participation of and the shareholder arrangements for the new owners, new lending facilities with the Bank, fulfilling their information and security requirements and the implementation and co-ordination of each of these elements
The Group, with bases in Garvagh, Mallusk and Portadown, holds distributorships from DAF Trucks, Hitachi, Bomag and Thwaites.
C & J Black acted for the management buyout team. Financial and tax advice was provided by Grant Thornton.